yeah technically they are supposed to be priced in terms of points, then converted using a multiplier (which is $10 per point on the XJO).
however as you've observed the bid/ask is typically expressed as the number of points divided by 100, for some reason i've yet to confirm. maybe something to do with the standard 100 lot size in use on regular options.
so if you were to buy the XJOKK7 at the offer you would pay a premium of 3.1 * 100 (lot size?) = 310 points, times the multiplier = $3100 per contract. on expiry you would receive $10 for every point the XJO closes below 7375, per contract.
i'd also be interested to find out the reason behind why the prices are expressed that way, but for now the easy way to work it out is multiply the bid/ask by 1000 to get the premium in $ per contract.